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Dow Falls as Biden Reportedly Mulls Tax Hike on Rich

Stock MarketsApr 22, 2021 03:22PM ET
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By Yasin Ebrahim

Investing.com – The Dow fell Thursday as investors weighed up the latest round of corporate earnings and reports that President Biden is considering a major capital gains tax hike on the rich.

The Dow Jones Industrial Average fell 1%, or 342 points, the S&P 500 slipped 1%, and the Nasdaq Composite was down 1%.

Biden is reportedly contemplating almost doubling the capital gains tax hike up to 39.6% to fund child care and education proposals included in his so-called American Family Plan.

The news rattled investor sentiment and dragged stocks further into the red, overshadowing another wave corporate earnings.

Southwest Airlines (NYSE:LUV) fell 1% after it estimated that it could achieve break-even by June, underpinned by strong leisure travel bookings into the summer months. The upbeat guidance offset mixed quarterly results as revenue fell short of estimates.

Las Vegas Sands (NYSE:LVS) slipped 3% as Wall Street sounded a cautious note on the company following its first-quarter results that missed on the bottom line.

Equifax (NYSE:EFX) reported first-quarter results that topped Wall Street estimates, sending its share price more than 15% higher.

The wave of mostly bullish corporate earnings come in the wake of a surge in cases globally that has cooled expectations over a faster reopening. India reported a record one-day surge in cases on Thursday.

In the U.S., however, Covid-19 cases continue to trend lower, with President Joe Biden confirming the country has achieved its 200 million vaccines milestone.

Improving economic data, particularly in the labor market, continues to reflect the success of the vaccine rollout that has led to a further reopening of the economy.

In the week ended April 17, 547,000 people filed for unemployment insurance, down 39,000 from the prior week's upwardly revised 586,000 and confounding economists' estimates for 610,000.

Energy stocks were sluggish despite oil prices recovering some losses as hopes for a recovery in demand remain fragile amid rising global infections.

Big tech, traded mix ahead of key earnings for the sector, with Intel (NASDAQ:INTC) due to report quarterly results after the closing bell.

Google-parent Alphabet (NASDAQ:GOOGL), Facebook (NASDAQ:FB), Amazon.com (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), and Apple (NASDAQ:AAPL) were in the red.

In other news, Citigroup (NYSE:C)'s sale of its retail businesses could reportedly bring in as much as $6 billion.

Dow Falls as Biden Reportedly Mulls Tax Hike on Rich
 

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Comments (69)
Seamus Hackett
Seamus Hackett Apr 23, 2021 11:31AM ET
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The idea that capital gains should be treated like income is insane. The truth is that capital gains comes with significant risks and potential losses for an investor. The risk reward ratio becomes extremely skewed in the long run if the gov takes 40% of profit.Investors with hundreds of millions will simply start investing more in dividend stocks and pay the lower rate on those.
stanley shalala
stanley shalala Apr 23, 2021 2:57AM ET
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What a joke LOLLL.  The rich always supports Biden. And they can enjoy higher ridiculous tax now.
Eric YT Kim
Eric YT Kim Apr 23, 2021 2:35AM ET
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AAPL was in the red, but my income from apple is still 💎🙌
Mike Brarey
Mike Brarey Apr 23, 2021 1:59AM ET
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Lol, as if anyone here earned 1M /Year
Mike Zendejas
Mike Zendejas Apr 23, 2021 12:39AM ET
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I love paying taxes! I dont care... I'm rich anyway...lol why cry about, it's not like I need a toilet with diamonds!
Benjamin McIntire
Benjamin McIntire Apr 23, 2021 12:39AM ET
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Speak for yourself! Trump the conservative savior chosen by Jesus has a golden throne for his dumps!
Mike Zendejas
Mike Zendejas Apr 23, 2021 12:39AM ET
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what trump? who's that?
Felix Dave
Felix Dave Apr 23, 2021 12:39AM ET
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unknown
President Xi Jinping
President Xi Jinping Apr 22, 2021 11:35PM ET
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Investing in americans is never a bad thing... unless youre rich, then you just take americans tx money through criminal subsidies
Felix Dave
Felix Dave Apr 22, 2021 11:35PM ET
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Yes you right but it matter when you find the right compound to put your coins
President Xi Jinping
President Xi Jinping Apr 22, 2021 11:33PM ET
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Since trickle down didnt work they have to work on means to taoe back the american tax payer money that was funnelled into ceo and their crony pockets. Had they done the right thing then people wouldnt be ready to brn their empires down.
rodrigo garcia kosinski
rodrigo garcia kosinski Apr 22, 2021 10:35PM ET
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usa now looks like Argentina and Venezuela
Benjamin McIntire
Benjamin McIntire Apr 22, 2021 10:35PM ET
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Lmfao shush
Pablo Blanc
Pablo Blanc Apr 22, 2021 8:50PM ET
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Impeachment?
Seamus Hackett
Seamus Hackett Apr 22, 2021 7:57PM ET
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Sleepy joe knows this tax rate will never pass. He just announces it so he can buy puts the day before. Nice
President Xi Jinping
President Xi Jinping Apr 22, 2021 7:57PM ET
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Are you five years old?
Steve Lora
Steve Lora Apr 22, 2021 6:20PM ET
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Biden has physically and mentally decayed. His face is hollow like someone with not long to go. That pic by news outlets are old. Biden wears a huge mask to cover his sunken face
President Xi Jinping
President Xi Jinping Apr 22, 2021 6:20PM ET
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And hes still bettet than you
Benjamin McIntire
Benjamin McIntire Apr 22, 2021 6:20PM ET
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Steven doesnt have much of value left to share after all the tin foil cut off most of the circulation to his brain.
Joško Croat
Joško Croat Apr 22, 2021 6:01PM ET
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This is a great president, much better than businessman Trump. It certainly has to raise taxes on the rich because it has to patch holes to achieve ambitious but driving plans that will strengthen the U.S. economy and society as a whole will benefit from it in the long run.
Show previous replies (2)
Seamus Hackett
Seamus Hackett Apr 22, 2021 6:01PM ET
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Trump isnt good but dont supprt what biden is doing. Capital gains is not a “tax on rich” its a tax on everyone trying to become rich. So those of us who arent already millionaires are gonna have a mucb mkre difficult time getting their with insane 40% capital gains tax. I wonder if he wilk up the long gains tax as well
Seamus Hackett
Seamus Hackett Apr 22, 2021 6:01PM ET
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Seamus Hackett nevermind i guess the tax is only on millionaires. As a broke college student i still do not support this if it ********s with my stocks lol
Kevin Kelly
Kevin Kelly Apr 22, 2021 6:01PM ET
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Ac Tektrader   Sure when they re-write history and obscure the facts
John Thompson
John Thompson Apr 22, 2021 6:01PM ET
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tax these greedy trillionaires they change the laws to suite themselves and  give nothing  to the poor.. in twenty years the five big banks have made zillions on interest rate swops on 54 trillion trade deals that have never gone bad as the exchange stabilization fund takes care of their losses and us poor folk earn zero interest make them pay dearly Mr President they only take never give!
Ron Cole
Ron Cole Apr 22, 2021 6:01PM ET
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Trillionaires? Zillons? Millionaies and billionaires give millions jobs. Take them out of the picture or they move overseas and see how many jobs they take with them.
John Avenetti
John Avenetti Apr 22, 2021 5:36PM ET
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the rich provide the jobs you economy ********dolt. unless you're working for the government which is the goal of soxialism.. everyone who voted for this guy is either working for the government, has their hand out, or is a %&@@%%
Steve Lora
Steve Lora Apr 22, 2021 5:36PM ET
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everyone didn't vote Biden. He probably received what Hillary Clinton got, 65m give or take. Who here believes Biden got 12 million more votes than Obama at his popularity peak?
Bobster Bambino
Bobster Bambino Apr 22, 2021 5:14PM ET
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Need to increase the dividend tax on the rich as well since for most of the rich this is their big earner and should be taxed as income
John Avenetti
John Avenetti Apr 22, 2021 5:14PM ET
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who employs you? the government? You're retired? the peanut gallery doesn't know how things work. wake up.
marcus daily
marcus daily Apr 22, 2021 5:14PM ET
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Taxation is theft, period. Reduce the size of the federal govt. Give back the states all 10th amendment rights that have been stolen by the feds for political power. The federal gobt is the most inefficient entity in earth. Why liberals and socialists want to trust the govt is just assinine.
Benjamin McIntire
Benjamin McIntire Apr 22, 2021 5:14PM ET
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marcus daily go live in Libya i bet u can avoid paying taxes there, just become a warlord.
james marshall
james marshall Apr 22, 2021 4:31PM ET
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As a former investment advisor, the rich do not pay these taxes. Most pay less taxes than the poorest person or none at all. This is meant to gut the upper middle class and some middle class families. It rolls downhill children, so get ready.
Bobster Bambino
Bobster Bambino Apr 22, 2021 4:31PM ET
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The middle class is not earning over a million. Nice try trumpster
John Avenetti
John Avenetti Apr 22, 2021 4:31PM ET
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trumpster? your IQ is 5. your socialist
Benjamin McIntire
Benjamin McIntire Apr 22, 2021 4:31PM ET
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John Avenetti “you’re a socialist”* i think you meant to say
afsal paingeeri
afsal paingeeri Apr 22, 2021 4:21PM ET
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NASDAQ SELL CONTINUES
Tim Daly
Tim Daly Apr 22, 2021 4:19PM ET
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Wall Street overwhelmingly donated to the DNC and Joe the Potato Biden. The Progressives of the party want to crucify the rich and are working to ensure there are no loopholes. They can reap what they've sown.
Benjamin McIntire
Benjamin McIntire Apr 22, 2021 4:19PM ET
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Oh ... ok thanks, we will?
New Jazenevd
New Jazenevd Apr 22, 2021 4:11PM ET
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Certainly, Burisma Joe is a senile fool, just to say the least. However, the market will not crash. Too much money around. Every dip is a buying opportunity.
Daniel Hall
Daniel Hall Apr 22, 2021 4:11PM ET
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naive, multiple market crashing policies being put in place in rapid succession... the market will crash, probably while it has its foot on the throttle
Paolo Sarvia
Paolo Sarvia Apr 22, 2021 4:03PM ET
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...I see all the zombies rising again from their graves...should anyone have a wooden stake to borrow me?...
Felix Dave
Felix Dave Apr 22, 2021 4:03PM ET
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I got to help tho
Luis Angulo
Luis Angulo Apr 22, 2021 3:58PM ET
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Taxes. Printing money is not enough. Govs are broken
WILLIAM HAGERTY
WILLIAM HAGERTY Apr 22, 2021 3:43PM ET
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they going to take the down side too
Byedin Youlost
Byedin Youlost Apr 22, 2021 3:43PM ET
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Losea Joe
DrFunkenstein hayson
DrFunkenstein hayson Apr 22, 2021 3:40PM ET
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bye bye stocks. bye bye what's left of the economy
oeg vokar
oeg vokar Apr 22, 2021 3:40PM ET
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Leftism Democrats are chasing the Swedish model....and they are doing well without stock market.
Catholic Man
CatholicMan Apr 22, 2021 3:40PM ET
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swedish model is a failure
Todd Gray
Todd Gray Apr 22, 2021 3:33PM ET
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even all those trading guru's are offering last chance discount subscriptions, because the parties over and their taking all they can get from you.
 
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